Surrey multi-family and retail portfolio sold for $43.5M

Competitive bids attracted as one of Metro Vancouver's biggest mixed-used sites came to market

for Western Investor
November 4, 2019

Surrey apartment and retail package
Surrey apartment and retail package on 5.9 acres sold for $43.5 million. | Colliers International

Colliers International of Vancouver has announced the sale of one of Metro Vancouver’s largest multi-family investment assets for $43.5 million.

The sale of the Surrey Gardens Apartment in Central Surrey includes three apartment buildings with 233 rental units, an 11,000-square-foot retail strip centre and 5.9 acres of land.

“Colliers International ran a competitive bid process that achieved 10 bona fide offers from local private investors, foreign investors and REITs [real estate investment trusts] within one month,” according to Colliers. “The winning bid negotiated by the listing team was unconditional.”

The Colliers agents who brokered the deal are Casey Weeks and Morgan Iannnone.

“This transaction represents an acquisition of a 100 per cent freehold interest in one of the largest multi-family transactions [in terms of size, not value] ever in Surrey. This is also the first time the property has been on the market since constructed in 1973,” Weeks said.

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